Marketing Edge - Turning Your Vision into Reality

SMALL BUSINESS SURVIVAL TIPS NEWSLETTER: October 2009

Thank you for subscribing to Marketing Edge's monthly newsletter: Small Business Survival Tips. This month's issue focuses on branding and the importance of ensuring the message your customers experience is the one you WANT them to have!

Click here to check out my free video series: Small Business Marketing Tips

.Beth Goldstein

Don't Let Your Brand Be A Lizard!
Many years ago, when my children where much younger (they're now teenagers) we completed a major house renovation that lasted well into the winter. This renovation required a large blue tarp to be placed over our house to protect it from the outside elements (winter renovations in New England are not a good idea--- but that's another story entirely).

From inside the house our view of the world was basically "blue plastic." Our son Ben was 3 and rather perplexed by this oddity. I explained that our contractor was worried about a big blizzard that was heading our way, so he covered the house for protection. Well, this answer seemed to work until it was time to go to sleep and Ben refused to sleep alone. After several nights of "extra company" I sat Ben down to try to understand what was bothering him. He informed me that he was afraid of being eaten by the big lizard that was coming.

The moral of the story is: No matter how great a job you think you have done explaining something, the person on the receiving end may have a totally different perception of what you've said. You might be talking to a 3-year-old who doesn't know what a blizzard is and thinks that lizards are going to attack him, or, even worse, it might be your customer who perceives your value and benefit differently from the way you have attempted to deliver it.

As the saying goes, "Perception is reality!" In order to have a strong brand, you need to make sure that your message and value is clear in at every customer touchpoint. This requires constant reinforcement along with feedback loops (such as surveys or a sales force) that tell you how customers and prospects perceive and experience your brand.

Test Your Brand Savvy
Last week I was the keynote speaker at the Annual Governor's Advanced Manufacturing and High Technology Summit in New Hampshire. As part of my talk on branding, I challenged the audience to score themselves to see how well their companies are maximizing their brand value. I provided 10 statements and they were asked to agree or disagree with each statement. They could give themselves a maximum score of 10 if they completely agreed with the statement or as low as a 1 if they completely disagreed. With 10 questions their maximum score was 100. There were approximately 150 individuals participating and unfortunately more than half had a score lower than 50. Let's see how well you do!

Ready? Please provide an honest evaluation of your business' capabilities, strengths and weaknesses for each of the questions below. The more honest your self evaluation is, the better the opportunity to define your strengths and weaknesses and improve your chances of success. Remember, you can score anywhere between a 1 and a 10, 1 meaning you strongly disagree with the statement and 10 meaning you strongly agree.

We know exactly why customers buy from us based on research not 'gut instinct."
We always present our benefits/value to our customers versus selling features.
We calculate the lifetime value of our customers - and regularly fire those customers who are not generating enough revenue or profit.
We conduct annual customer surveys or interviews and incorporate findings into our marketing plan.
We study our competitors and understand what makes us UNIQUE.
We have a strategy to manage the impact of indirect competitors who threaten our revenue potential.
We know exactly what information customers require to make a purchasing decision and where they obtain the data.
We are confident that our price reflects the value customers seek and reinforces our brand message.
I am confident EVERY person in my company clearly presents our correct brand value.
All of our marketing material is consistent and explains our benefits to customers.

Your Score
OK, now add up your total score _______________.
Subtract that from 100 which is the highest you can achieve (10x10).

The final number presents the Gap/Opportunity between your current brand value (translated as top-line growth, revenue and profit) and what your potential is when you maximize your brand value.

It's the $$$$$$ you're leaving on the table by not maximizing your brand.

Need help with your brand or business growth? Check out my FREE Video Series: Small Business Marketing Tips!

Good luck with your business venture. If I can help you turn your vision into reality, please don't hesitate to contact me at beth@m-edge.com or by phone: 508.893.0976.

Questions?

Please complete our Contact Form or call us at 1.508.893.0976 to discover how we can help you grow your business.